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MAKEEN Gas Equipment UK Limited

Audited Financial Statements for the Year Ended 31 December 2023






MAKEEN Gas Equipment UK Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T J Davies
S Mikkelsen
M Ohm



REGISTERED OFFICE: Phoenix Way
Garngoch Industrial Estate
Gorseinon
Swansea
SA4 9WF



REGISTERED NUMBER: 02536725 (England and Wales)



SENIOR STATUTORY
AUDITOR:
Nicholas Matthew Toye FCA



AUDITORS: BPU Limited
Chartered Accountants
Statutory Auditor
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 98,449 81,928

CURRENT ASSETS
Stocks 885,940 855,107
Debtors 5 940,292 993,357
Cash at bank and in hand 531,168 531,642
2,357,400 2,380,106
CREDITORS
Amounts falling due within one
year

6

853,583

867,516
NET CURRENT ASSETS 1,503,817 1,512,590
TOTAL ASSETS LESS
CURRENT LIABILITIES

1,602,266

1,594,518

PROVISIONS FOR LIABILITIES 7,900 6,400
NET ASSETS 1,594,366 1,588,118

CAPITAL AND RESERVES
Called up share capital 15,100 15,100
Retained earnings 1,579,266 1,573,018
SHAREHOLDERS' FUNDS 1,594,366 1,588,118

MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 February 2024 and were signed on its behalf by:





S Mikkelsen - Director


MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Notes to the Financial Statements
for the Year Ended 31 December 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements
The financial statements contain information about MAKEEN Gas Equipment UK Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Makeen ProSupply ApS, Alsvej 21, DK-8940 Randers SV.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 5% straight line
Plant and machinery - 10% & 20% straight line
Fixtures and fittings - between 10% and 50% straight line
Motor vehicles - 25% straight line
Computer equipment - between 10% and 50% straight line

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the average cost method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.


MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


1. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 30 ) .

3. AUDITORS' REMUNERATION
2023 2022
£    £   
Fees payable to the company's auditors for the audit
of the company's financial statements

14,835

12,420
Auditors' remuneration for non audit work 465 3,465

MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 266,658 122,528 19,405
Additions 14,468 1,079 -
Disposals - - -
At 31 December 2023 281,126 123,607 19,405
DEPRECIATION
At 1 January 2023 213,534 105,127 18,904
Charge for year 649 4,348 335
Eliminated on disposal - - -
At 31 December 2023 214,183 109,475 19,239
NET BOOK VALUE
At 31 December 2023 66,943 14,132 166
At 31 December 2022 53,124 17,401 501

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 95,492 102,859 606,942
Additions - 12,130 27,677
Disposals (59,315 ) - (59,315 )
At 31 December 2023 36,177 114,989 575,304
DEPRECIATION
At 1 January 2023 95,492 91,957 525,014
Charge for year - 5,824 11,156
Eliminated on disposal (59,315 ) - (59,315 )
At 31 December 2023 36,177 97,781 476,855
NET BOOK VALUE
At 31 December 2023 - 17,208 98,449
At 31 December 2022 - 10,902 81,928



MAKEEN Gas Equipment UK Limited (Registered number: 02536725)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade debtors 862,131 940,987
Other debtors & prepayments 78,161 52,370
940,292 993,357

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE
YEAR
2023 2022
£    £   
Trade creditors 390,403 497,836
Taxes & social security costs 259,625 179,330
Other creditors & accruals 203,555 190,350
853,583 867,516

7. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Nicholas Matthew Toye FCA (Senior Statutory Auditor)
for and on behalf of BPU Limited

8. FINANCIAL COMMITMENTS

The company had total financial commitments of £318,573 (2022 - £282,760) at the balance sheet date.

9. IMMEDIATE AND ULTIMATE PARENT UNDERTAKING

The company's immediate parent undertaking at the balance sheet date was Makeen ProSupply ApS, a company registered in Denmark. The company's ultimate parent undertaking at the balance sheet date was Al-Ayuni Investment & Contracting Company, a company registered in Saudi Arabia.